JSE's Nedbank Group gearing up to reach for R316.50 ~ R359.00?
JSE:NED has been caught in a bullish flag consolidation since March 2022. Considering the most recent price action, the instrument closed strongly bearish approaching the support at R200.00
Scenario 1 (Probable): On the downward break of the support at R200.00, price will continue further consolidation towards R176.60 until March 2024 where it is expected to find support to reach higher towards R316.50 and most likely R359.00.
Scenario 2 (Possible): Price finds support at the R200.00 level, holds well above it and starts its upward journey to the target levels.
Scenario 1 (Probable): On the downward break of the support at R200.00, price will continue further consolidation towards R176.60 until March 2024 where it is expected to find support to reach higher towards R316.50 and most likely R359.00.
Scenario 2 (Possible): Price finds support at the R200.00 level, holds well above it and starts its upward journey to the target levels.